Dutch TNO awards e30m real estate mandate
NETHERLANDS – Dutch pension fund investment manager MN Services has been appointed to run a 30 million euro international real estate mandate for the 1.2 billion euro TNO pension fund.
The portfolio will be invested predominantly in commercial property in Europe, America and Asia, with 10 million euros invested each year over a three-year period. TNO already invests in indirect real estate with Dutch asset manager, Kempen.
Research organisation TNO says it chose MN Services due to its good investment performance over the last few years.
MN Services manages 17.2 billion euros for the Pension Fund for the Metalworking and Related Technical Sectors, BPMT, one portfolio of which is an inflation-hedged real estate mandate. A spokeswoman at MN Services commented that it anticipated interest from Dutch pension funds in that asset class.
MN Service also manages pension schemes, insurance products and collective labour agreement plans for employers’ and employees’ organisations. The total assets under management of MN Services amount to 18 billion euros. Of this 1.5 billion is invested in international real estate.